Japanese Patent Publication No. 38-25925 discloses a method of fabricating a conventional thermoelectric module. In this method, a plurality of elongated P-type and N-type thermoelectric bars are arranged alternately and bonded between a pair of conductive plates, after which they are cut along a direction perpendicular to the length of the bar together with the plates so that each bar is cut into a plurality of thermoelectric chips each having on its upper and lower faces individual contacts formed from the separated conductive plates. The resulting chips are electrically connected in series through the contacts. When preparing the thermoelectric module having the thermoelectric chips arranged in a matrix with this method, it is possible to provide a plurality of staggered lines of cut from the opposite directions to the conductive plates. However, it is difficult to hold the thermoelectric bars as well as the conductive plates in accurate positions during such cutting operation. With this result, not only the accurate cutting may not be made to the thermoelectric bars and the conductive plates, but also the resulting thermoelectric module has the lines of cut forming such a zig-zag pattern that the thermoelectric chips on one side of the line of cut is connected to those on the other side of the line of cut only through the contact at one end of the line of cut. Therefore, there remains a problem in that a great care has to be paid for maintaining such module in a correct posture until it is assembled between a pair of substrates forming heat radiating panel and cooling panel, respectively.